Business / Middle East Business

Saudi Oger seeks payment freeze on $3.5 billion local bank debt 08 Nov 2016 - 06:04 pm

DUBAI: Construction giant Saudi Oger has asked banks to agree to a freeze in repayments on at least 13 billion riyals ($3.5 billion)...

Egypt pound weakens as banks suck up black market dollars 08 Nov 2016 - 04:38 pm

CAIRO: Egypt’s pound weakened on Tuesday as dollar-starved banks bought hard currency from the black market to meet demand from importers and other...

UAE aims to have public-private partnerships framework by year-end 08 Nov 2016 - 04:27 pm

DUBAI: The United Arab Emirates will prepare documentation to govern public-private partnerships (PPPs) by the end of 2016 as it encourages more private...

Egypt to face pain before gain after massive currency devaluation 07 Nov 2016 - 05:12 pm

CAIRO: The pain of Egypt’s currency devaluation may be felt well before the benefits, creating a period of at least several months in...

Iran oil official says report of Egypt minister Tehran visit incorrect 07 Nov 2016 - 05:02 pm

ABU DHABI: An Iranian media report that Egyptian Petroleum Minister Tarek El Molla will visit Tehran on Monday for a meeting with his...

UAE to host region's first carbon capture plant 05 Nov 2016 - 06:24 pm

Abu Dhabi: The Middle East's first factory to suck carbon dioxide out of the air has begun operating in the United Arab Emirates,...

Kuwait launches foreign bond sale to finance deficit 05 Nov 2016 - 10:58 am

Kuwait City: Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil...

Dubai asks banks for proposals to finance Al Maktoum Airport expansion 03 Nov 2016 - 10:25 am

DUBAI: The government of Dubai has sent a request for proposals to banks for the financing of the expansion of Al Maktoum International...

Egyptian pound continues nosedive against US dollar 01 Nov 2016 - 03:02 pm

CAIRO: The Egyptian pound (EGP) lost yet more ground against U.S. currency by the end of October, with the exchange rate exceeding 18...

Gulf single currency inevitable: Oman central bank chief quoted 31 Oct 2016 - 12:49 pm

DUBAI: The creation of a single currency in the Gulf Arab region has become inevitable and is only a matter of time, the...

Hyundai Engineering says wins $727 mln deal from Saudi Aramco 28 Oct 2016 - 09:37 am

SEOUL/KHOBAR, Saudi Arabia: Hyundai Engineering and Construction has signed a contract to build a project for Saudi Aramco's Uthmaniyah plant for 833.10 billion...

IMF says expects board to consider Egypt loan within weeks 27 Oct 2016 - 10:32 pm

WASHINGTON: The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should soon be ready for board approval...

Saudi Arabia takes new steps to ease bank liquidity crunch 27 Oct 2016 - 08:46 pm

RIYADH/DUBAI: Saudi Arabian authorities have taken fresh steps to ease a liquidity crunch caused by low oil prices, suspending the government’s local currency...

Gulf markets down on weak earnings; Qatar extends losing streak 26 Oct 2016 - 10:58 pm

DUBAI: Gulf stock markets saw lacklustre trade yesterday as low oil prices and weak earnings weighed on investor sentiment. Crude prices declined for...

Iraq seeks deal to preserve oil output 26 Oct 2016 - 03:17 am

BAGHDAD: Iraq told a top Opec official yesterday of its hope that the group could reach a deal to lift oil prices while...

NREC has not committed to new financing 26 Oct 2016 - 03:17 am

DUBAI: Kuwait’s National Real Estate Company (NREC) in a bourse statement yesterday said it has not committed to any new fundraising activity. The...

Banking shares buoy Saudi; Qatar index edges down 26 Oct 2016 - 01:52 am

DUBAI: Banking shares boosted Saudi Arabia’s stock market yesterday while the majority of other Gulf markets sagged on uninspiring quarterly results. In Qatar,...

Deyaar Q3 net profit rises 22.5% 25 Oct 2016 - 12:57 am

DUBAI: Dubai’s Deyaar Development reported a 22.5 percent rise in third-quarter net profit yesterday as revenue surged. The company made a profit of...